NGKF Sells Two Massachusetts Properties

NGKF sells two assets for a combined $32.5 million; Northmarq arranges acquisition financing of $34.7 million; and Grandbridge Real Estate Capital closes three seniors housing transactions totaling $23.5 million.

Old Colony Apartments

Arlington, Mass.—Newmark Grubb Knight Frank Capital Markets has completed the $32.5 million sale of two multifamily communities located in Arlington, Mass. The properties, which are located at 60 Pleasant Street and 1-17 Old Colony Lane, total 250 units.

NGKF executive managing director Leigh Freudenheim, senior managing director Anthony Biette and managing director Jason Cameron represented the seller, the estate of David P. Wilfert, in the transaction. The buyer, the real estate investment and development team of Andre Danesh and Sean Wilder, represented itself.

“This was a unique opportunity to purchase critical mass in a great neighborhood,” says Wilder. “We saw the opportunity and we pounced on it.”

Northmarq arranges acquisition financing of $34.69M

Mukilteo, Wash.—John M. Stewart, senior vice president, and Ilan Reissner, investment analyst of NorthMarq’s Denver regional office, arranged financing of $34.69 million for On the Green at Harbour Pointe Apartments located at 12303 Harbour Pointe Blvd., in Mukilteo, Wash.

Constructed in 1990, the community consists of 294 units in 17, two and three-story buildings. There are also 55 garages, as well as 87 carports. Property amenities include indoor and outdoor pools, an indoor basketball court, fitness and business centers, spa and sauna, tanning bed and game room. Units feature washer/dryers, fireplaces, vaulted ceilings, ceiling fans, walk-in closets and fully equipped kitchens.

The property was purchased by an affiliate of Security Properties and one of their institutional partners.

Grandbridge finances $23.5M in seniors transactions

New Jersey & Washington—Grandbridge Real Estate Capital’s Seniors Housing Team has closed three seniors housing transactions that total $23.5 million. The first was a $5.9 million bridge loan for Forsgate Residence, a 125-unit seniors housing community in Jamestown, N.J. The nonrecourse bridge financing was facilitated by Grandbridge through its proprietary lending platform, BB&T Real Estate Funding LLC, and enabled the borrower to acquire and renovate the asset.

The team at Grandbridge also closed a $5.3 million first mortgage secured by Highgate Senior Living Yakima, a 48-unit property located in Yakima, Wash. Funding for the loan was provided through Fannie Mae’s DUS loan product, and featured a 10-year term and closed with a fixed interest rate.

Also located on the West Coast, the Grandbridge closed a $12.2 million bridge loan secured by Quail Park Memory Care Center in Eugene, Wash. The nonrecourse bridge financing was facilitated by Grandbridge through its proprietary lending platform, BB&T Real Estate Funding LLC.